***WARNING***Don't invest a single penny in Bitcoin

Buttcoin is a peer-to-peer butt. Peer-to-peer means that no central authority issues new butts or tracks butts. These tasks are managed collectively by the network. It’s like a bitcoin, but with butts instead.

OK, so Bitcoin is a medium of exchange. No one can question that. And it seems a very effective medium of exchange.

But is it a currency? Is it money, backed by a store of value to be redeemable from the issuer giving the issuer no option not to accept it to be redeemed? Or is it a secure accounting utility with a user allocated value due to market forces?

Can a Bitcoin site (bitcoin.org) decide individually whether to call Bitcoin a currency or not – because it has a decentralized nature?

Can a Bitcoin site (mtgox.com) decide individually whether to call Bitcoin an internet commodity or not – because it has a decentralized nature?

Can every Bitcoin holder, merchant, trader, etc. decide individually how they interpret Bitcoins?

Does Bitcoin allow for modern day barter transactions between the fairly secure Bitcoin Accounting Utility and a good/service?

See this legal ideas with regards to barter exchange as opposed to virtual currency (Scroll down to the end to Matthew C ‘s answer):

Can Bitcoin be interpreted as an internet utility which can be bartered for any number of goods/services/other?

Is bitcoin.org ‘s blatant misrepresentation of Bitcoin not misleading?

“P2P Virtual Currency Bitcoin is a peer-to-peer currency. Peer-to-peer means that no central authority issues new money or tracks transactions. These tasks are managed collectively by the network.”

“… no central authority … tracks transactions … ” – Can anyone not track transactions on the blockchain (provided Bitcoin was not laundered – and laundering Bitcoin would be illegal)?

P2P Virtual Currency – Does a currency not require a store of value backing it?

Does Bitcoin’s only value derive from its secure, transferable utility value as an internet commodity described by MtGox? Have we bought an internet commodity that we are bartering for goods/services/other as a medium of exchange? Or have we been issued a virtual currency with a backed store of value – to be redeemed, without option not to accept, from the backing entity on demand?

Would “P2P Crypto Accounting Utility” not be a more aptly description? Would it not be less incriminating to bitcoin.org ‘s author who identifies his Bitcoins as currency – even though it is not backed, or redeemable from an entity, without option not to accept?

And the answer to all those questions is “no”. Therefore all Bitcoins are Buttcoins.

That’s a whole lotta words I’m not going to read, do you have an infograph for me to stare at and furrow my brow in a vain attempt to understand what you’re trying to say?

re: ***WARNING***Don't invest a single penny in Bitcoin(Posted by Poodlebrain on 4/18/13 at 1:49 pm to joshnorris14)

quote:Definition: Currency- something that is used as a medium of exchange The satirical FAQ admits that bitcoin is a "very effective" currency.

Or he could be using satire when he says bitcoin is very effective currency.

We could conduct a test of just how effective bitcoin is as a currency. With $2 of U.S. currency I can buy a loaf of bread in under five minutes by going into the closest store and making the purchase. I will have possession of the bread. How long will it take you to buy a similar loaf of bread using bitcoins? And how long before you gain possession of the bread?